Tax Bill's Widening Revenue Hole Threatens 20% Corp. Rate

Law360, Fort Wayne (November 8, 2017, 10:06 PM EST) -- The probability of a permanent 20 percent corporate tax rate being signed into law became significantly diminished after lawmakers weakened rules, to the tune of nearly $150 billion, to prevent multinational companies from shifting their profits to low-tax countries.

The Joint Committee on Taxation, the official estimator of tax bills for Congress, released figures on Tuesday showing that amendments to the international tax provisions of the House Republicans’ Tax Cuts and Jobs Act would cost $147.5 billion.